Not necessarily. It most cases, you probably wouldn't get a collapse, but I wouldn't say it will "work" as a bearing type.
If the bolts are in the flanges of a beam at a moment connection, the additional movement could increase the moment at the beam's mid-span, which could cause a serviceability failure (excessive deflection causing floor finish cracking or alignment problems) or a strength problem if the design is tight enough.
If it's in a brace connection, the additional slip would allow the frame to deflect laterally, increasing P-Delta effects. Probably not a big deal on low rise, but a tall mid-rise or high rise it could cause serious problems to the system as a whole.
Then, there's no guarantee that the bolt configuration or cross sectional area will perform as a bearing connection. To be honest, I've never checked, so maybe there is a coincidental relationship that makes it work every time, but I wouldn't count it.
If the added deflections/slip are not a problem, and the system works with a partially restrained moment connection rather than a fully restrained one, and you've checked the connections in bearing to be sure they work - then sure, they'll work if friction fails. But then, if you're going to go through all that, why not just do a bearing type connection in the first place and save the money for installation and inspections of slip critical connections?